Fastest growing medium-sized businesses contribute 9.2% of UK GDP
A recent report by Deloitte found that the thousand fastest growing medium-sized businesses in Britain generated £158bn in revenues in 2013, now accounting for 9.2% of GDP (gross domestic product), up from 7.9% in 2011. This is despite the fact that these businesses form less than 1% of the total UK business population.
The economic contribution from these business accounts for £2.46 for every person in the country, up from £2.01 in 2011.
Of these 1000 fastest growing businesses, 649 are based outside of London and the South-East, helping rebalance the recovery of the economy. Along with generating £158bn in revenues these medium-sized businesses have also seen employment rise by 182,000 in the last three years. In contrast, total new employment in the UK increased by 400,000.
On average, the 1,000 businesses added 60 people each year between 2011 and 2013, with three-quarters of these companies coming from just three sectors: consumer business, business & professional services and manufacturing.
The government have been urged to do more to maximise and replicate the effect of these top 1,000 medium-sized businesses, to aid in the recovery and rebalancing of the British economy.
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